Module: General Practice
Q4: Which of the following statements regarding penalties for currency chest operations are correct?
An initial penalty of ₹5,000 is levied for non-compliance with operational guidelines, such as non-functioning CCTV, or storing branch cash in the vault.
If non-compliance with operational guidelines is repeated, the penalty is enhanced to ₹10,000.
A penalty of ₹10,000 is levied for any violation of the terms of the agreement with RBI for maintaining a currency chest.
If more than 5 instances of agreement violations occur in consecutive inspections, a penalty of ₹5 lakh may be levied.
If non-compliance with operational guidelines is repeated, the penalty is enhanced to ₹10,000.
A penalty of ₹10,000 is levied for any violation of the terms of the agreement with RBI for maintaining a currency chest.
If more than 5 instances of agreement violations occur in consecutive inspections, a penalty of ₹5 lakh may be levied.
✅ Correct Answer: D
All listed statements are correct according to the RBI Scheme of Penalties.
Operational lapses like non-functional CCTVs attract an initial ₹5,000 fine, which doubles to ₹10,000 upon recurrence.
Severe or repeated violations of the agreement can indeed escalate to a ₹5 lakh penalty.
Operational lapses like non-functional CCTVs attract an initial ₹5,000 fine, which doubles to ₹10,000 upon recurrence.
Severe or repeated violations of the agreement can indeed escalate to a ₹5 lakh penalty.